(Reuters) - Reach Plc, the publisher of the Daily Mirror, said on Monday it expects fiscal year 2024 operating profit to beat market expectations, helped by a strong fourth quarter. (Reporting by Aby
Reach Plc Projects 2024 Profit to Surpass Market Expectations
(Reuters) -Reach Plc, the publisher of the Daily Mirror, said on Monday it estimates fiscal 2024 operating profit to beat market expectations, helped by a strong fourth quarter.
Analysts on average see the adjusted operating profit for the year ended Dec. 31, 2024, at 97.8 million pounds ($119.4 million), according to company-compiled estimates. The company had reported a profit of 96.5 million pounds in fiscal 2023.
The publisher of Daily Express, a few regional titles and associated websites had cut costs to improve its margins, leading to a 23% jump in 2024's first-half operating profit.
The company also said it will provide an additional 5 million pound funding this year to the West Ferry Printers Pension Scheme - inherited in the 2018 acquisition of Express Newspapers - after finding a historical error related to the scheme.
($1 = 0.8192 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Savio D'Souza and Sumana Nandy)
